Teradata Corp.’s Q2 2023 revenue hit $462M, surpassing analyst predictions of $445M. Non-GAAP EPS was reported $0.48, beating estimates of $0.45, the company said.
“It was a solid second quarter as Teradata revenue and EPS beat analyst estimates while the company also boosted its annual recurring revenue (ARR) and public cloud ARR by 10% and 77% respectively. The numbers were particularly rewarding as the company, like so many others in the tech and consumer sectors, continues to return to a new normal as the pandemic and difficult macroeconomic conditions lessen across world markets,” Futurum Group Analyst Todd R. Weiss wrote in a note to clients.
Revenue increased to $462 million, up 7% and GAAP gross profit was $280 million, up 6% from $263 million YoY, the company said in a statement. Non-GAAP net income jumped to $49 million, up 40%, it said.
“Overall, I believe that Teradata’s Q2 performance was a big positive for the company and proves our earlier take that Teradata is well positioned for hybrid cloud scale growth and for helping customers that are using their existing infrastructure while slowing some workload migrations to the public cloud,” Mr. Weiss wrote.